🐋 $BTC broke below the 60-day low of 71082, with 24-hour trading volume rising to 1.8 times the daily average.
Stop-loss orders on long positions tend to cluster below swing lows. A breakdown on such heavy volume indicates that a large number of stop-losses were triggered. Once the stop-loss selling has been absorbed, strong support from large buy orders could lead to a technical rebound; if demand is weak, the price may continue searching for support.
Stop-loss orders on long positions tend to cluster below swing lows. A breakdown on such heavy volume indicates that a large number of stop-losses were triggered. Once the stop-loss selling has been absorbed, strong support from large buy orders could lead to a technical rebound; if demand is weak, the price may continue searching for support.